Start here if you're new
what it is
Zynex sells prescription pain devices and then keeps shipping the electrodes and batteries those devices need.
how it gets paid
Last year Zynex made $192M in revenue. NexWave devices was the main engine at $96.0M, or 50% of sales.
growth snapshot
Revenue was roughly flat last year at $192M. EPS of -$2.39 mattered most because it makes the 0.9x earnings multiple look less like a bargain and more like a broken.
what just happened
Latest quarter revenue hit $62M, but EPS collapsed to -$2.39, which tells you sales and shareholder results are no longer moving together.
At a glance
C balance sheet — red flag territory — real financial stress
30/100 earnings predictability — expect surprises
0.9x trailing p/e — the market's not buying it — or you found a deal
4.0% return on capital — nothing to write home about
$0.09 fy2024 eps est
xvary composite: 26/100 — weak
What they do
Zynex sells prescription pain devices and then keeps shipping the electrodes and batteries those devices need.
The real edge is the refill loop. Once your doctor writes a prescription for NexWave, the machine is only the start, and your electrodes and batteries keep getting reordered as needed. Zynex has 1,000 employees selling into U.S. doctors and therapists, so a one-time device can turn into recurring revenue.
How they make money
$192M
annual revenue · their business grew +0.0% last year
NexWave devices
$96.0M
Electrodes supplies
$48.0M
Battery supplies
$19.2M
Other pain and rehab devices
$28.8M
The products that matter
electrotherapy pain devices
Electrotherapy Devices
$108M · 56% of revenue
this is the larger revenue line at $108M, and it carries the reported 72% gross margin that keeps the operating story from looking even worse.
core revenue line
consumables and replacement supplies
Medical Supplies
$84M · 44% of revenue
this $84M business gives zynex recurring follow-on sales, but it still sits inside a company with a -68.4% net margin. Recurring revenue only helps if it is actually profitable.
recurring sales
Key numbers
0.9x
trailing p/e
P/E → price divided by earnings → so what: the market is pricing each $1 of reported profit at just $0.90, which usually means investors do not trust the earnings.
82%
debt load
Debt as a share of capital → how much of the company is financed by borrowing → so what: lenders matter more when the stock is worth only about $2M.
5.6%
operating margin
Operating margin → profit after running the business → so what: Zynex keeps just $5.60 from every $100 of sales before interest and taxes.
5/100
price stability
This stock trades like a loose shopping cart; a 5 out of 100 stability score tells you your position size matters more than your conviction.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $8M (82% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for ZYXIQ right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue hit $62M, but EPS collapsed to -$2.39, which tells you sales and shareholder results are no longer moving together.
The contrast is the whole story. Annual revenue was $192M, flat vs. prior year in the SEC data, while the latest quarter showed $62M and EPS of -$2.39. Yahoo also shows trailing EPS at -$5.68, which clashes hard with the 2024 full-year estimate of $0.09.
$62M
revenue
$2.39
eps
68.0%
gross margin
the number that mattered
EPS of -$2.39 mattered most because it makes the 0.9x earnings multiple look less like a bargain and more like a broken denominator.
source: company earnings report, 2025
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What could go wrong
the #1 risk is chapter 11 restructuring that leaves common equity with nothing.
high
chapter 11 plan outcome
the company filed an amended chapter 11 reorganization plan on feb. 2, 2026. That makes the common stock a claim on whatever is left after the court process, not a clean operating turnaround.
equity downside can be 100% in a bad restructuring.
high
cash burn outrunning cash on hand
operating cash flow was -$20.6M over the last twelve months, while cash stood at $13.3M. In plain English: if the burn rate stays anywhere close to this, time is not on management’s side.
this risk directly pressures liquidity and financing terms.
high
securities litigation
multiple law firms are soliciting shareholders for a securities class action, with an apr. 21, 2026 deadline to seek lead-plaintiff status. That adds legal cost and credibility damage to an already stressed situation.
litigation compounds the balance-sheet problem rather than replacing it.
med
gross margin is not translating into a viable business
72% gross margin sounds like pricing power. The problem is everything after gross profit: the company still runs at a -68.4% net margin. If that does not improve quickly, the margin story is cosmetic.
high gross margin without operating control can still end in dilution or wipeout.
with $13.3M in cash against a -$20.6M operating cash burn, this risk stack is not theoretical. The restructuring timeline and the liquidity timeline are now the same story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
restructuring
chapter 11 plan confirmation
watch for court approval or revisions to the amended reorganization plan. That is the event most likely to determine whether current equity keeps any value.
legal calendar
apr. 21, 2026 class action deadline
the lead-plaintiff deadline matters because it keeps alleged disclosure issues in the foreground while the company is already under financial pressure.
liquidity
cash vs. operating burn
$13.3M of cash against -$20.6M of operating cash flow is the core metric. If that gap does not improve, the rest of the turnaround pitch is decoration.
operating trend
whether losses keep narrowing or widen again
Q3 2025 still showed a $2.3M net loss. You want to see that move toward breakeven, not become another quarter where the stock trades on survival odds.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not trust the earnings line to stay stable.
risk rank
5 / 100
safer than only 5% of stocks in the dataset. You are far out on the risk curve.
source: institutional data
Institutional activity
institutional ownership data for ZYXIQ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$0
current price
n/a
target midpoint · n/a from current
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